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TLT

iShares 20+ Year Treasury Bond ETFClose $81.35EOD only
Max Pain
$82.00
Next expiry Aug 19, 2026
Expected Move
±$0.57
0.7% from close
Price Gap
+0.65
Distance to max pain
IV Rank
44
Middle-high premium
P/C OI
0.82
Slightly call-heavy
Consensus
9.0/10
Bullish tilt
Published snapshot: Aug 17, 2026 close
End-of-day snapshot

This page reflects TLT options positioning from the latest published market-close snapshot. Intraday price and contract changes are not displayed.

Published Snapshot
Aug 17, 2026 close
Max Pain — TLT
Data as of market close Aug 17, 2026
Open Directional Report

Nearest listed expiration 2026-08-19 shows max pain at $82.00 (0.65 above spot). Use this page to evaluate pin-risk zones, strike pressure, and open-interest concentration before selecting trade structure.

Max Pain Strike
$82.00
Nearest expiry
Expected Move
±$0.57
±0.7%
Days to Expiry
2
Calendar days
Total Call OI
38,497
Nearest expiry
Total Put OI
23,628
Nearest expiry
P/C OI Ratio
0.61
Put-heavy
Spot Price
$81.35
Published close
Consensus
9.0/10
Open report for full read

Max Pain by Expiration

Pain by Strike

Drill into expiration
Selected: 2026-08-19
ExpirationMax Pain StrikeLast Updated
2026-08-14$82.508/14/2026, 11:40:00 PM
2026-08-17Updated$82.008/17/2026, 11:38:40 PM
2026-08-19Next$82.008/17/2026, 11:38:40 PM
2026-08-21$83.008/17/2026, 11:38:40 PM
2026-08-24$82.008/17/2026, 11:38:40 PM
2026-08-26$82.008/17/2026, 11:38:40 PM
2026-08-28$82.008/17/2026, 11:38:40 PM
2026-09-04$83.008/17/2026, 11:38:40 PM
2026-09-11$83.008/17/2026, 11:38:40 PM
2026-09-18$84.008/17/2026, 11:38:40 PM
2026-09-25$82.508/17/2026, 11:38:40 PM
2026-09-30$84.008/17/2026, 11:38:40 PM
2026-10-02$82.008/17/2026, 11:38:40 PM
2026-10-16$84.008/17/2026, 11:38:40 PM
2026-10-30$85.008/17/2026, 11:38:40 PM
2026-11-20$87.008/17/2026, 11:38:40 PM
2026-12-18$85.008/17/2026, 11:38:40 PM
2026-12-31$85.008/17/2026, 11:38:40 PM
2027-01-15$85.008/17/2026, 11:38:40 PM
2027-02-19$85.008/17/2026, 11:38:40 PM
2027-03-19$86.008/17/2026, 11:38:40 PM
2027-03-31$82.008/17/2026, 11:38:40 PM
2027-04-16$85.008/17/2026, 11:38:40 PM
2027-05-21$83.008/17/2026, 11:38:40 PM
2027-06-17$85.008/17/2026, 11:38:40 PM
2027-06-30$84.008/17/2026, 11:38:40 PM
2027-07-16$82.008/17/2026, 11:38:40 PM
Selected expiration: 2026-08-19 at max pain $82.00.
TLT pain by strike for 2026-08-19 expiration
StrikeCall PainPut PainTotal Pain
7402747975027479750
7522002310185023104050
7666001872395018730550
77121001435215014364250
78187001013345010152150
792560059165505942150
803600024266502462650
80.55650010034501059950
8180750471550552300
81.5191600172350363950
8239445030200424650
82.58490000849000
83140270001402700
83.5213950002139500
84309715003097150
84.5412100004121000
85558260005582600
85.5716800007168000
86881035008810350
86.510715250010715250
How to Read Max Pain
Compare pin-risk and strike-pressure across expirations from the latest published close.
What max pain measures

Max pain is the strike where option holders would collectively lose the most at expiration, based on open interest across the listed chain.

How traders use it

It is most useful as a possible pinning zone, especially when spot is already trading near a crowded strike into expiration.

What can break it

Strong directional flows, news, or fast spot moves can overwhelm any pinning tendency, so max pain should support a thesis rather than drive it alone.

The closer you are to expiration, the more useful this becomes as context and the less useful it is as a standalone prediction.